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Analysts said they expected a modest improvement in operating profit this year, although annual restructuring costs were also expected to rise, possibly above €500 million.
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Mr. Shaw, normally a man of very few words, made his comments at a session on restructuring government at the annual budget conference of the Citizens Budget Commission, a nonpartisan research group supported by businesses.
Janus is also in the process of restructuring its debt, bringing annual interest payments down to $30 million from $60.5 million.
Barkema and Schijven (2008) coded restructuring efforts from the annual reports of Dutch multinationals to study the unlocking of synergies through PMI.
The annual losses were caused by £2.9bn of restructuring charges and £3.5bn of litigation and conduct costs.
The extra day's holiday on Monday, December 23 was to say "thank you" to staff for making restructuring a success and boosting annual income, said the vice-chancellor, Professor Christopher Edwards.
However, Four Seasons has said its debts of £565m, which force it to make annual interest payments of more than £50m, need restructuring.
Airbus' recently proposed restructuring plan seeks to cut $2.6 billion in annual costs and teeters on the high wire between competitive necessity and political reality.
Underlying annual profits – which strip out the impact of one-off writedowns, restructuring costs and profits from the sale of unwanted properties – decreased almost 27% to £302m, slightly lower than the £308m analysts had expected.
The UKFC's entire annual budget was a reported £3m, while the cost of closing it down and restructuring is estimated to have been almost four times that amount.
It said it wanted to reduce annual operating costs by $120 million, up from its previous estimate of $60 million and expected restructuring charges of $55 million in the first half, up from $25 million.
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